Starting a business can be risky and exhausting, sometimes both at the same time.
When asked about their mental health status, entrepreneurs indicate that more than 50% said they faced burnout, with the remaining 50% saying they faced anxiety.
Although the numbers are high, the results are shocking given how perilous starting a new business can be.
Most of the statistics indicated that the main stressors are:
Financial worries (+20%),
Daily routine stress (+15%),
Personal life (+10%)
Concern for the future (+10%), these notes are among many others.
According to the Aspen Institute, “In the United States alone, people who struggle to repay debt and loans are more than twice as likely to suffer from mental health problems, including depression and anxiety,” 16% of suicides in the United States occur in response to a financial problem.
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Although many of these stressors exist within the general population, entrepreneurs are more vulnerable to mental illness than most.
According to research by Michael Freeman, a study has been conducted illustrating that founders are different from the rest of the population. It found that 72% of entrepreneurs reported having a history of mental health, compared to only 48% of comparison participants.
Freeman also says that “Anyone can have a job, some can lead a team or a club, but very few people can start and grow a business,” he says. “I thought there had to be a difference between people holding jobs and even leaders within organizations and those starting a business – and the research we have valid.”
prioritize mental health support and practices in their startups – a step in the right direction.
COVID-19 Impact on the mental health of us entrepreneurs.
In an interview, Ally Salama, Founder of EMPWR and Mental Health Ambassador for the Middle East, shares insights from a recent study that found that 35.9% of entrepreneurs rate the state of their mental health as ” Wrong”.
Resources:
London Business School
LET’S TALK ABOUT THE MENTAL HEALTH OF ENTREPRENEURS.
https://bit.ly/3LqgbT4
https://bit.ly/3JpezY9
See also:
A study at UC Berkeley
https://bit.ly/34r58st
The psychological price of entrepreneurship
https://bit.ly/3swqT1O
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